Palisades Monthly Update: Still a Good Time for Sellers

By MICHAEL EDLEN | Special to the Palisadian-Post

As of January 31, there were 75 single-family Palisades residences listed in the Multiple Listing Service, which is 8% lower than this time last year. So far this year, 17 Palisades homes have sold compared with only eight homes at the end of January 2020, and there are now 49 homes in escrow in the Palisades.

The average sale price per square foot has decreased by 11% as compared with the same period in 2020 and is now at $1,117 per square foot. Median sale prices are currently $2.95 million.

The lowest-priced available home is a two-bedroom, two-bath on Palmera at $1,925,000. The highest-priced property is an eight-bedroom, 14-bath on Corona Del Mar, asking $34 million. The median asking price for Pacific Palisades is now at an all-time high of $5.25 million.

The lowest sale price so far this year was a four-bedroom, four-bath on Calle De Catalina, which sold for $1,985,770. The highest sale so far this year was a seven-bedroom, six-bath on Rivas Canyon Road, which sold for $10,557,516.

There are 19 condominiums/townhouses on the market now. They range from one-bedroom, one-bath in the Edgewater Towers on Sunset Boulevard offered at $629,900 to a newly built, five-bedroom, six-bath condo on Tramonto offered at $5.85 million.

Thirteen condos are currently in escrow. There have been five condo sales so far this year, ranging from a three-bedroom, three-bath on Palisades Circle, which sold for $977,500, to a three-bedroom, four-bath unit in the new development on Tramonto, which sold for $5.2 million. The median condo sale price is currently $1.09 million, which is a 9% increase.

There are currently five pieces of raw land available, ranging from nearly two acres on Calle Bellavista being offered at $799,000 to $2.6 million for a hillside lot just under 15,000 square feet on Revello. So far this year, no lots have sold.

There are currently 58 available leases in the Palisades. They range from a one-bedroom, one-bath unit on Sunset asking $3,500 per month to a five-bedroom, six-bath home on Corona Del Mar asking $75,000 per month.

There have been 10 leases so far this year (the same as at the start of 2020). The highest lease so far this year was a six-bedroom, nine-bath on Amalfi Drive, which leased for $55,000 per month. The lowest was $5,200 per month for a two-bedroom, three-bath on Palisades Circle, and the median was $7,400 per month.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 35 years.